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Question
Which of the following statements is NOT true about specialization?A. Total economic output is larger due to specialization.
B. After specialization, worker skills are better matched with tasks.
C. Specialization focuses experience and increases comparative advantage.
D. The variety of tasks associated with a particular job grows over time due to specialization.
Answer
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Related questions
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B. has an absolute advantage in writing a term paper.
C. always earns an A on his papers.
D. has the lowest opportunity cost for writing a term paper.
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If Scout has an absolute advantage over Dill: A. Scout has more money than Dill.
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C. the problem of scarcity applies to Scout, but not to Dill.
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NAFTA helped ______ to exploit a comparative advantage in the production of goods made by unskilled labor. A. Canada
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Large developed countries can produce more of practically everything than can small, less developed countries. Which of the following statements is true? A. The large country has no incentive to trade with the smaller country.
B. It would be impossible for the smaller country to have a comparative advantage in making any products that the larger country wants to buy.
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Between the U.S. and Nepal, Nepal invests less in new factories and equipment. This will likely cause: A. Nepal's production possibilities curve to shift outward faster than the U.S.'s.
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Q:
The cost-benefit principle indicates that an action should be taken: A. if the total benefits exceed the total costs.
B. if the average benefits exceed the average costs.
C. if the net benefit (benefit minus cost) is zero.
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Refer to the table above. The Chairman of the Economics Department at What's AMatterU says that fundraisers should be hired as long as their marginal donations exceed their marginal labor costs. Following this criterion, __________ employees are hired and net benefits are __________.A. 1; $22,000B. 2; $25,426C. 3; $25,426D. 2; $3,476
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Which of the following would not be analyzed in microeconomics? A. How to make the largest profit?
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Q:
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Refer to the figure above. What is the price elasticity of supply at point B and C? A. 1/2; 3/4
B. 3/4; 1/2
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An increase in the price of golf clubs from $75 to $125 led to an increase in quantity supplied from 200 units to 300 units. The price elasticity of supply for golf club is _____ so the supply curve is _______. A. 2; elastic
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C. the good must not have any close substitutes.
D. your quantity demanded changed by a movement along the demand function.
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